Online Payday Loan in Nigeria: 7 Best Apps You Must Consider – Borrowing money from an online payday loan in Nigeria can be very difficult. Some people might think that such action is reckless. Despite this, we can’t deny that payday loans are becoming increasingly popular.

Payday loans offer something a bank lacks. Though it has negative popularity, it’s proven over time that it’s useful for the people who need it.

In this article, we will not only present you with the 7 recommended apps for payday loans in Nigeria. We will also explain other related topics, such as the USSD code for each platform.

The best online payday loan in Nigeria

Online Payday Loan in Nigeria Definition

An online payday loan in Nigeria is basically a type of borrowing with specific characteristics that makes it different from the conventional Bank loan. In this type of loan, you would likely to:

  • Pay for higher interest rate.
  • Give the loan back in shorter period of time.
  • Apply the loan with loose regulations.
  • Get a faster response
  • Use installed apps to get the money

A payday loan has both its own ups and downs. The good things about a payday loan lie in the fact that it’s very fast, modern, and has flexible regulations. On the other hand, the disadvantages are that the annual interest rate is very high and the repayment period is short.

Why You Need an Online Payday Loan App in Nigeria

While a bank loan is the main choice for those who need money, a payday loan has become the first alternative. People who don’t want to deal with the bank’s complicated requirements can just open their smartphones and get the money they need.

However, the majority of people who use payday loans are those who can’t borrow from banks. The reasons are numerous. In general, some might not have a stable income, so the banks refuse them while others might be unable to provide complete documentation.

The speed of a payday loan app is also very attractive. Imagine you need fast cash to bring your kid to the hospital. You can’t go to the bank as it’s already night; then wait for several days. But you can use a loan app whenever you like and get the cash within an hour!

7 Platforms for Online Payday Loan in Nigeria

As the leading economy in Africa, Nigeria has become a pioneer when it comes to fintech. For payday loan platforms, there are already several apps operating in this thriving nation.

1. Migo or KwikMoney

KwikMoney is one of the most accessible payday loan companies. It doesn’t require you to install an app. You can go straight to their website and process the loan with your phone number and bank account. The loan ranges from ₦500 to ₦500,000 with the duration of 15 days.

2. FairMoney

This is definitely one of the best loan platforms in Nigeria. With FairMoney, you don’t need that much paperwork, and you don’t have to provide collateral. The fees and interest rates are also reasonable while the max loan is ₦150,000.

3. FirstBank

The next reliable online payday loan provider in Nigeria is First Bank or FirstAdvance. Using FirstBank, you can get a total of ₦500,000.00. The repayment period is around 30 days or 1 month. To access FirstBank’s service, you can either use FirstMobile or its USSD code.

4. Aella

This is a very fast instant loan apps providing cash for business and personal uses. It enables you to borrow up to ₦1,000,000 with no collateral. The verification process is also very fast, while the repayment period ranges from 1 to 3 months.

5. Branch

Branch is undeniably a popular loan app in Nigeria without collateral. It provides ₦1000 to ₦200,000 loan with annual interest rate ranges from 15% to 34%. The loan duration is 4 to 40 weeks.


IPPIS is quick loan platform offering you a ₦5.000 to ₦100.000 loan. The interest rate is 3% monthly, and the repayment period is 3 to 12 months. It doesn’t ask for collateral.

7. Carbon

Paylater or Carbon is a loan app famous for its various options. It allows anyone, whether an entrepreneur, student, or housewife, to borrow money without requiring collateral. If they approve your request, you can borrow from ₦5000 to 1 million. However, the repayment period is quite short (7–180 days).

USSD Code for Online Payday Loan in Nigeria

USSD stands for “Unstructured Supplementary System Data.” It’s essentially used for sending SMS. In Nigeria, many apps have their own USSD codes. It will make it easier for the users to do the transaction with the loan company even if they don’t have internet access.

Below are several loan platforms with their USSD codes.

1Accion Microfinance Bank*572*6#
3Aledin Nano*903#
8Glo Cash*322*1*04225701*Amount#
9Paylater USSD Code*1303#
10Paylater USSD Code*894*11# or *894#
11Quickteller – Glo Users*805#
15MTN Cash*606*4#

Fast and Instant Online Payday Loan in Nigeria

There’re a few things to consider before borrowing money from a loan app

  • If you want to compare the interest rate, compare the APR or annual percentage rate.
  • Please, be careful. There are already too many victims because they use fake apps.

In addition, you might also want to consider the speed of the app’s response. A faster response is better, especially for those with urgent needs. That’s why it would be wiser for you to ask the app’s CS about how many hours or days you’ll spend in total to get the cash you need.

Finally, we can say that an online payday loan in Nigeria has both negative and positive sides. For the negative sides, it would be wise to anticipate them. While for the positive sides, we could maximize them for our own benefit.

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